Israeli Offshore Banking Being Scrutinized by the IRS

Israeli Offshore Banking Being Scrutinized by the IRS

Posted By
Horwitz & Citro, P.A.

The IRS has given
international tax compliance a top priority with the IRS Commissioner announcing, "The IRS will
vigorously pursue tax cheats around the world, no matter how remote or
secret the location." Consequently, IRS criminal investigators are
piercing the veil of Israeli bank secrecy in an effort to combat offshore
tax evasion.

The U.S. government is utilizing various means to discover U.S. citizens
who have secret offshore bank accounts including new treaties, legislation
such as the
Foreign Account Tax Compliance Act (FATCA), and
John Doe Summons to force offshore banks to disclose U.S. account holders. Among the countries
targeted is Israel and one of it's major financial institutions, Bank Leumi.

An undisclosed offshore bank account holder can avoid criminal prosecution
by entering the
Offshore Voluntary Disclosure Program (OVDP)before the IRS receives the account information from the offshore bank. Because
the consequences of an undisclosed offshore bank account are so serious,
the OVDP should be given serious consideration as soon as possible. Experienced
attorney, Mark Horwitz, is willing to provide a confidential consultation
on this important, life-altering matter.